What is the Bank Secrecy Act (BSA)?

The Bank Secrecy Act (BSA) aims to prevent financial institutions from laundering money.

BSA expects national banks to implement the following controls:

  • A clear data breach remediation policy
  • The detection of money laundering events
  • Detection of terrorist financing activities
  • A reliable communication channel with law enforcement to report launching practices

Key takeaways

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    BSA compliance is mandatory for all financial entities processing customer transactions.
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    Penalties for non-compliance could include a fine of up to $250,000 and up to 5 years imprisonment.
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    The BSA is the primary anti-money laundering law in the United States.
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